Not too much to really say about PEI. Our growth opportunity revolves solely around the downtown Philly 3 block area - if/when management puts forth a development plan for it, then I'd dive into it. But otherwise I think we are back to being a "normal" REIT. We have decent cash flows, manageable levels of debt, some opportunity to increase occupancy and normal debt redemption schedules.
I'd like to see a .20+ dividend declared this June, with .20 being likely IMO. Personally, I'd like to see .25 as that would represent about 50% of FFO being paid out to shareholders but I think they will choose .20. That "supports" a $20 share price at a 4%-5% yield going forward - and I think we should trade at about that level given the retail risks like JCP, Sears, etc.
Otherwise I just don't see much happening worth much note. I spend more of my free time on ARP and MNHVF (If you like the MLP space I think ARP is a good buy at today's prices - I recommended MNHVF when it was much lower - wouldn't buy more today).
I agree with much you say. Downtown Philly still a Bridge Too Far. Maybe 2015. But there are good things close in like increasing rental renewal spreads, Moorestown coming to life. Again I agree that 20 it is for quite awhile.